Full Text of SB1327 095th General Assembly
SB1327enr 95TH GENERAL ASSEMBLY
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SB1327 Enrolled |
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LRB095 10742 RCE 30984 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Finance Authority Act is amended by | 5 |
| changing Sections 801-10, 830-50, and 845-5 and by adding | 6 |
| Section 825-12 as follows:
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| (20 ILCS 3501/801-10)
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| Sec. 801-10. Definitions. The following terms, whenever | 9 |
| used or referred
to
in this Act, shall have the following | 10 |
| meanings, except in such instances where
the context may | 11 |
| clearly indicate otherwise:
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| (a) The term "Authority" means the Illinois Finance | 13 |
| Authority created by
this Act.
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| (b) The term "project" means an industrial project, | 15 |
| conservation project, housing project, public
purpose project, | 16 |
| higher education project, health facility project, cultural
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| institution project, agricultural facility or agribusiness, | 18 |
| and "project" may
include any combination of one or more of the | 19 |
| foregoing undertaken jointly by
any person with one or more | 20 |
| other persons.
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| (c) The term "public purpose project" means any project or | 22 |
| facility
including
without limitation land, buildings, | 23 |
| structures, machinery, equipment and all
other real and |
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| personal property, which is authorized or required by law to be
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| acquired, constructed, improved, rehabilitated, reconstructed, | 3 |
| replaced or
maintained by any unit of government or any other | 4 |
| lawful public purpose which
is authorized or required by law to | 5 |
| be undertaken by any unit of government.
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| (d) The term "industrial project" means the acquisition, | 7 |
| construction,
refurbishment, creation, development or | 8 |
| redevelopment of any facility,
equipment, machinery, real | 9 |
| property or personal property for use by any
instrumentality of | 10 |
| the State or its political subdivisions, for use by any
person | 11 |
| or institution, public or private, for profit or not for | 12 |
| profit, or for
use in any trade or business including, but not | 13 |
| limited to, any industrial,
manufacturing or commercial | 14 |
| enterprise and which is (1) a capital project
including but not | 15 |
| limited to: (i) land and any rights therein, one or more
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| buildings, structures or other improvements, machinery and | 17 |
| equipment, whether
now existing or hereafter acquired, and | 18 |
| whether or not located on the same site
or sites; (ii) all | 19 |
| appurtenances and facilities incidental to the foregoing,
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| including, but not limited to utilities, access roads, railroad | 21 |
| sidings, track,
docking and similar facilities, parking | 22 |
| facilities, dockage, wharfage, railroad
roadbed, track, | 23 |
| trestle, depot, terminal, switching and signaling or related
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| equipment, site preparation and landscaping; and (iii) all | 25 |
| non-capital costs
and expenses relating thereto or (2) any | 26 |
| addition to, renovation,
rehabilitation or
improvement of a |
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| capital project or (3) any activity or undertaking which the
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| Authority determines will aid, assist or encourage economic | 3 |
| growth, development
or redevelopment within the State or any | 4 |
| area thereof, will promote the
expansion, retention or | 5 |
| diversification of employment opportunities within the
State | 6 |
| or any area thereof or will aid in stabilizing or developing | 7 |
| any industry
or economic sector of the State economy. The term | 8 |
| "industrial project" also
means the production of motion | 9 |
| pictures.
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| (e) The term "bond" or "bonds" shall include bonds, notes | 11 |
| (including bond,
grant or revenue anticipation notes), | 12 |
| certificates and/or other evidences of
indebtedness | 13 |
| representing an obligation to pay money, including refunding
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| bonds.
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| (f) The terms "lease agreement" and "loan agreement" shall | 16 |
| mean: (i) an
agreement whereby a project acquired by the | 17 |
| Authority by purchase, gift or
lease
is leased to any person, | 18 |
| corporation or unit of local government which will use
or cause | 19 |
| the project to be used as a project as heretofore defined upon | 20 |
| terms
providing for lease rental payments at least sufficient | 21 |
| to pay when due all
principal of, interest and premium, if any, | 22 |
| on any bonds of the Authority
issued
with respect to such | 23 |
| project, providing for the maintenance, insuring and
operation | 24 |
| of the project on terms satisfactory to the Authority, | 25 |
| providing for
disposition of the project upon termination of | 26 |
| the lease term, including
purchase options or abandonment of |
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| the premises, and such other terms as may be
deemed desirable | 2 |
| by the Authority, or (ii) any agreement pursuant to which the
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| Authority agrees to loan the proceeds of its bonds issued with | 4 |
| respect to a
project or other funds of the Authority to any | 5 |
| person which will use or cause
the project to be used as a | 6 |
| project as heretofore defined upon terms providing
for loan | 7 |
| repayment installments at least sufficient to pay when due all
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| principal of, interest and premium, if any, on any bonds of the | 9 |
| Authority, if
any, issued with respect to the project, and | 10 |
| providing for maintenance,
insurance and other matters as may | 11 |
| be deemed desirable by the Authority.
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| (g) The term "financial aid" means the expenditure of | 13 |
| Authority funds or
funds provided by the Authority through the | 14 |
| issuance of its bonds, notes or
other
evidences of indebtedness | 15 |
| or from other sources for the development,
construction, | 16 |
| acquisition or improvement of a project.
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| (h) The term "person" means an individual, corporation, | 18 |
| unit of government,
business trust, estate, trust, partnership | 19 |
| or association, 2 or more persons
having a joint or common | 20 |
| interest, or any other legal entity.
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| (i) The term "unit of government" means the federal | 22 |
| government, the State or
unit of local government, a school | 23 |
| district, or any agency or instrumentality,
office, officer, | 24 |
| department, division, bureau, commission, college or
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| university thereof.
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| (j) The term "health facility" means: (a) any public or |
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| private institution,
place, building, or agency required to be | 2 |
| licensed under the Hospital Licensing
Act; (b) any public or | 3 |
| private institution, place, building, or agency required
to be | 4 |
| licensed under the Nursing Home Care Act; (c)
any public or | 5 |
| licensed private hospital as defined in the Mental Health and
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| Developmental Disabilities Code; (d) any such facility | 7 |
| exempted from such
licensure when the Director of Public Health | 8 |
| attests that such exempted
facility
meets the statutory | 9 |
| definition of a facility subject to licensure; (e) any
other
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| public or private health service institution, place, building, | 11 |
| or agency which
the Director of Public Health attests is | 12 |
| subject to certification by the
Secretary, U.S. Department of | 13 |
| Health and Human Services under the Social
Security Act, as now | 14 |
| or hereafter amended, or which the Director of Public
Health | 15 |
| attests is subject to standard-setting by a recognized public | 16 |
| or
voluntary accrediting or standard-setting agency; (f) any | 17 |
| public or private
institution, place, building or agency | 18 |
| engaged in providing one or more
supporting services to a | 19 |
| health facility; (g) any public or private
institution,
place, | 20 |
| building or agency engaged in providing training in the healing | 21 |
| arts,
including but not limited to schools of medicine, | 22 |
| dentistry, osteopathy,
optometry, podiatry, pharmacy or | 23 |
| nursing, schools for the training of x-ray,
laboratory or other | 24 |
| health care technicians and schools for the training of
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| para-professionals in the health care field; (h) any public or | 26 |
| private
congregate, life or extended care or elderly housing |
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| facility or any public or
private home for the aged or infirm, | 2 |
| including, without limitation, any
Facility as defined in the | 3 |
| Life Care Facilities Act; (i) any public or private
mental, | 4 |
| emotional or physical rehabilitation facility or any public or | 5 |
| private
educational, counseling, or rehabilitation facility or | 6 |
| home, for those persons
with a developmental disability, those | 7 |
| who are physically ill or disabled, the
emotionally disturbed, | 8 |
| those persons with a mental illness or persons with
learning or | 9 |
| similar disabilities or problems; (j) any public or private
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| alcohol, drug or substance abuse diagnosis, counseling | 11 |
| treatment or
rehabilitation
facility, (k) any public or private | 12 |
| institution, place, building or agency
licensed by the | 13 |
| Department of Children and Family Services or which is not so
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| licensed but which the Director of Children and Family Services | 15 |
| attests
provides child care, child welfare or other services of | 16 |
| the type provided by
facilities
subject to such licensure; (l) | 17 |
| any public or private adoption agency or
facility; and (m) any | 18 |
| public or private blood bank or blood center. "Health
facility" | 19 |
| also means a public or private structure or structures suitable
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| primarily for use as a laboratory, laundry, nurses or interns | 21 |
| residence or
other housing or hotel facility used in whole or | 22 |
| in part for staff, employees
or
students and their families, | 23 |
| patients or relatives of patients admitted for
treatment or | 24 |
| care in a health facility, or persons conducting business with | 25 |
| a
health facility, physician's facility, surgicenter, | 26 |
| administration building,
research facility, maintenance, |
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| storage or utility facility and all structures
or facilities | 2 |
| related to any of the foregoing or required or useful for the
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| operation of a health facility, including parking or other | 4 |
| facilities or other
supporting service structures required or | 5 |
| useful for the orderly conduct of
such health facility.
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| (k) The term "participating health institution" means a | 7 |
| private corporation
or association or public entity of this | 8 |
| State, authorized by the laws of this
State to provide or | 9 |
| operate a health facility as defined in this Act and which,
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| pursuant to the provisions of this Act, undertakes the | 11 |
| financing, construction
or acquisition of a project or | 12 |
| undertakes the refunding or refinancing of
obligations, loans, | 13 |
| indebtedness or advances as provided in this Act.
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| (l) The term "health facility project", means a specific | 15 |
| health facility
work
or improvement to be financed or | 16 |
| refinanced (including without limitation
through reimbursement | 17 |
| of prior expenditures), acquired, constructed, enlarged,
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| remodeled, renovated, improved, furnished, or equipped, with | 19 |
| funds provided in
whole or in part hereunder, any accounts | 20 |
| receivable, working capital, liability
or insurance cost or | 21 |
| operating expense financing or refinancing program of a
health | 22 |
| facility with or involving funds provided in whole or in part | 23 |
| hereunder,
or any combination thereof.
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| (m) The term "bond resolution" means the resolution or | 25 |
| resolutions
authorizing the issuance of, or providing terms and | 26 |
| conditions related to,
bonds issued
under this Act and |
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| includes, where appropriate, any trust agreement, trust
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| indenture, indenture of mortgage or deed of trust providing | 3 |
| terms and
conditions for such bonds.
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| (n) The term "property" means any real, personal or mixed | 5 |
| property, whether
tangible or intangible, or any interest | 6 |
| therein, including, without limitation,
any real estate, | 7 |
| leasehold interests, appurtenances, buildings, easements,
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| equipment, furnishings, furniture, improvements, machinery, | 9 |
| rights of way,
structures, accounts, contract rights or any | 10 |
| interest therein.
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| (o) The term "revenues" means, with respect to any project, | 12 |
| the rents, fees,
charges, interest, principal repayments, | 13 |
| collections and other income or profit
derived therefrom.
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| (p) The term "higher education project" means, in the case | 15 |
| of a private
institution of higher education, an educational | 16 |
| facility to be acquired,
constructed, enlarged, remodeled, | 17 |
| renovated, improved, furnished, or equipped,
or any | 18 |
| combination thereof.
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| (q) The term "cultural institution project" means, in the | 20 |
| case of a cultural
institution, a cultural facility to be | 21 |
| acquired, constructed, enlarged,
remodeled, renovated, | 22 |
| improved, furnished, or equipped, or any combination
thereof.
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| (r) The term "educational facility" means any property | 24 |
| located within the
State
constructed or acquired before or | 25 |
| after the effective date of this Act, which
is
or will be, in | 26 |
| whole or in part, suitable for the instruction, feeding,
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| recreation or housing of students, the conducting of research | 2 |
| or other work of
a
private institution of higher education, the | 3 |
| use by a private institution of
higher education in connection | 4 |
| with any educational, research or related or
incidental | 5 |
| activities then being or to be conducted by it, or any | 6 |
| combination
of the foregoing, including, without limitation, | 7 |
| any such property suitable for
use as or in connection with any | 8 |
| one or more of the following: an academic
facility, | 9 |
| administrative facility, agricultural facility, assembly hall,
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| athletic facility, auditorium, boating facility, campus, | 11 |
| communication
facility,
computer facility, continuing | 12 |
| education facility, classroom, dining hall,
dormitory, | 13 |
| exhibition hall, fire fighting facility, fire prevention | 14 |
| facility,
food service and preparation facility, gymnasium, | 15 |
| greenhouse, health care
facility, hospital, housing, | 16 |
| instructional facility, laboratory, library,
maintenance | 17 |
| facility, medical facility, museum, offices, parking area,
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| physical education facility, recreational facility, research | 19 |
| facility, stadium,
storage facility, student union, study | 20 |
| facility, theatre or utility.
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| (s) The term "cultural facility" means any property located | 22 |
| within the State
constructed or acquired before or after the | 23 |
| effective date of this Act, which
is or will be, in whole or in | 24 |
| part, suitable for the particular purposes or
needs
of a | 25 |
| cultural institution, including, without limitation, any such | 26 |
| property
suitable for use as or in connection with any one or |
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| more of the following: an
administrative facility, aquarium, | 2 |
| assembly hall, auditorium, botanical garden,
exhibition hall, | 3 |
| gallery, greenhouse, library, museum, scientific laboratory,
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| theater or zoological facility, and shall also include, without | 5 |
| limitation,
books, works of art or music, animal, plant or | 6 |
| aquatic life or other items for
display, exhibition or | 7 |
| performance. The term "cultural facility" includes
buildings | 8 |
| on the National Register of Historic Places which are owned or
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| operated by nonprofit entities.
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| (t) "Private institution of higher education" means a | 11 |
| not-for-profit
educational institution which is not owned by | 12 |
| the State or any political
subdivision, agency, | 13 |
| instrumentality, district or municipality thereof, which
is
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| authorized by law to provide a program of education beyond the | 15 |
| high school
level
and which:
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| (1) Admits as regular students only individuals having | 17 |
| a
certificate of graduation from a high school, or the | 18 |
| recognized equivalent of
such a certificate;
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| (2) Provides an educational program for which it awards | 20 |
| a
bachelor's degree, or provides an educational program, | 21 |
| admission into which is
conditioned upon the prior | 22 |
| attainment of a bachelor's degree or its equivalent,
for | 23 |
| which it awards a postgraduate degree, or provides not less | 24 |
| than a 2-year
program which is acceptable for full credit | 25 |
| toward such a degree, or offers a
2-year program in | 26 |
| engineering, mathematics, or the physical or biological
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| sciences
which is designed to prepare the student to work | 2 |
| as a technician and at a
semiprofessional level in | 3 |
| engineering, scientific, or other technological
fields
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| which require the understanding and application of basic | 5 |
| engineering,
scientific, or mathematical principles or | 6 |
| knowledge;
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| (3) Is accredited by a nationally recognized | 8 |
| accrediting agency or
association or, if not so accredited, | 9 |
| is an institution whose credits are
accepted, on transfer, | 10 |
| by not less than 3 institutions which are so accredited,
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| for credit on the same basis as if transferred from an | 12 |
| institution so
accredited, and holds an unrevoked | 13 |
| certificate of approval under the Private
College Act from | 14 |
| the Board of Higher Education, or is qualified as a
"degree | 15 |
| granting institution" under the Academic Degree Act; and
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| (4) Does not discriminate in the admission of students | 17 |
| on the basis
of race or color.
"Private institution of | 18 |
| higher education" also includes any "academic
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| institution".
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| (u) The term "academic institution" means any | 21 |
| not-for-profit institution
which
is not owned by the State or | 22 |
| any political subdivision, agency,
instrumentality,
district | 23 |
| or municipality thereof, which institution engages in, or | 24 |
| facilitates
academic, scientific, educational or professional | 25 |
| research or learning in a
field or fields of study taught at a | 26 |
| private institution of higher education.
Academic institutions |
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| include, without limitation, libraries, archives,
academic, | 2 |
| scientific, educational or professional societies, | 3 |
| institutions,
associations or foundations having such | 4 |
| purposes.
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| (v) The term "cultural institution" means any | 6 |
| not-for-profit institution
which
is not owned by the State or | 7 |
| any political subdivision, agency,
instrumentality,
district | 8 |
| or municipality thereof, which institution engages in the | 9 |
| cultural,
intellectual, scientific, educational or artistic | 10 |
| enrichment of the people of
the State. Cultural institutions | 11 |
| include, without limitation, aquaria,
botanical societies, | 12 |
| historical societies, libraries, museums, performing arts
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| associations or societies, scientific societies and zoological | 14 |
| societies.
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| (w) The term "affiliate" means, with respect to financing | 16 |
| of an agricultural
facility or an agribusiness, any lender, any | 17 |
| person, firm or corporation
controlled by, or under common | 18 |
| control with, such lender, and any person, firm
or corporation | 19 |
| controlling such lender.
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| (x) The term "agricultural facility" means land, any | 21 |
| building or other
improvement thereon or thereto, and any | 22 |
| personal properties deemed necessary or
suitable for use, | 23 |
| whether or not now in existence, in farming, ranching, the
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| production of agricultural commodities (including, without | 25 |
| limitation, the
products of aquaculture, hydroponics and | 26 |
| silviculture) or the treating,
processing or storing of such |
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| agricultural commodities when such activities are
customarily | 2 |
| engaged in by farmers as a part of farming.
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| (y) The term "lender" with respect to financing of an | 4 |
| agricultural facility
or an agribusiness, means any federal or | 5 |
| State chartered bank, Federal Land
Bank,
Production Credit | 6 |
| Association, Bank for Cooperatives, federal or State
chartered | 7 |
| savings and loan association or building and loan association, | 8 |
| Small
Business
Investment Company or any other institution | 9 |
| qualified within this State to
originate and service loans, | 10 |
| including, but without limitation to, insurance
companies, | 11 |
| credit unions and mortgage loan companies. "Lender" also means | 12 |
| a
wholly owned subsidiary of a manufacturer, seller or | 13 |
| distributor of goods or
services that makes loans to businesses | 14 |
| or individuals, commonly known as a
"captive finance company".
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| (z) The term "agribusiness" means any sole proprietorship, | 16 |
| limited
partnership, co-partnership, joint venture, | 17 |
| corporation or cooperative which
operates or will operate a | 18 |
| facility located within the State of Illinois that
is related | 19 |
| to the
processing of agricultural commodities (including, | 20 |
| without limitation, the
products of aquaculture, hydroponics | 21 |
| and silviculture) or the manufacturing,
production or | 22 |
| construction of agricultural buildings, structures, equipment,
| 23 |
| implements, and supplies, or any other facilities or processes | 24 |
| used in
agricultural production. Agribusiness includes but is | 25 |
| not limited to the
following:
| 26 |
| (1) grain handling and processing, including grain |
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| storage,
drying, treatment, conditioning, mailing and | 2 |
| packaging;
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| (2) seed and feed grain development and processing;
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| (3) fruit and vegetable processing, including | 5 |
| preparation, canning
and packaging;
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| (4) processing of livestock and livestock products, | 7 |
| dairy products,
poultry and poultry products, fish or | 8 |
| apiarian products, including slaughter,
shearing, | 9 |
| collecting, preparation, canning and packaging;
| 10 |
| (5) fertilizer and agricultural chemical | 11 |
| manufacturing,
processing, application and supplying;
| 12 |
| (6) farm machinery, equipment and implement | 13 |
| manufacturing and
supplying;
| 14 |
| (7) manufacturing and supplying of agricultural | 15 |
| commodity
processing machinery and equipment, including | 16 |
| machinery and equipment used in
slaughter, treatment, | 17 |
| handling, collecting, preparation, canning or packaging
of | 18 |
| agricultural commodities;
| 19 |
| (8) farm building and farm structure manufacturing, | 20 |
| construction
and supplying;
| 21 |
| (9) construction, manufacturing, implementation, | 22 |
| supplying or
servicing of irrigation, drainage and soil and | 23 |
| water conservation devices or
equipment;
| 24 |
| (10) fuel processing and development facilities that | 25 |
| produce fuel
from agricultural commodities or byproducts;
| 26 |
| (11) facilities and equipment for processing and |
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| packaging
agricultural commodities specifically for | 2 |
| export;
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| (12) facilities and equipment for forestry product | 4 |
| processing and
supplying, including sawmilling operations, | 5 |
| wood chip operations, timber
harvesting operations, and | 6 |
| manufacturing of prefabricated buildings, paper,
furniture | 7 |
| or other goods from forestry products;
| 8 |
| (13) facilities and equipment for research and | 9 |
| development of
products, processes and equipment for the | 10 |
| production, processing, preparation
or packaging of | 11 |
| agricultural commodities and byproducts.
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| (aa) The term "asset" with respect to financing of any | 13 |
| agricultural facility
or
any agribusiness, means, but is not | 14 |
| limited to the following: cash crops or
feed on hand; livestock | 15 |
| held for sale; breeding stock; marketable bonds and
securities; | 16 |
| securities not readily marketable; accounts receivable; notes
| 17 |
| receivable; cash invested in growing crops; net cash value of | 18 |
| life insurance;
machinery and equipment; cars and trucks; farm | 19 |
| and other real estate including
life estates and personal | 20 |
| residence; value of beneficial interests in trusts;
government | 21 |
| payments or grants; and any other assets.
| 22 |
| (bb) The term "liability" with respect to financing of any | 23 |
| agricultural
facility or any agribusiness shall include, but | 24 |
| not be limited to the
following:
accounts payable; notes or | 25 |
| other indebtedness owed to any source; taxes; rent;
amounts | 26 |
| owed on real estate contracts or real estate mortgages; |
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SB1327 Enrolled |
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| judgments;
accrued interest payable; and any other liability.
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| (cc) The term "Predecessor Authorities" means those | 3 |
| authorities as described
in Section 845-75.
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| (dd) The term "housing project" means a specific work or | 5 |
| improvement
undertaken
to provide residential dwelling | 6 |
| accommodations, including the acquisition,
construction or | 7 |
| rehabilitation of lands, buildings and community facilities | 8 |
| and
in connection therewith to provide nonhousing facilities | 9 |
| which are part of the
housing project, including land, | 10 |
| buildings, improvements, equipment and all
ancillary | 11 |
| facilities for use for offices, stores, retirement homes, | 12 |
| hotels,
financial institutions, service, health care, | 13 |
| education, recreation or research
establishments, or any other | 14 |
| commercial purpose which are or are to be related
to a housing | 15 |
| development. | 16 |
| (ee) The term "conservation project" means any project | 17 |
| including the acquisition, construction, rehabilitation, | 18 |
| maintenance, operation, or upgrade that is intended to create | 19 |
| or expand open space or to reduce energy usage through | 20 |
| efficiency measures. For the purpose of this definition, "open | 21 |
| space" has the definition set forth under Section 10 of the | 22 |
| Illinois Open Land Trust Act.
| 23 |
| (Source: P.A. 93-205, eff. 1-1-04; 93-1101, eff. 3-31-05.)
| 24 |
| (20 ILCS 3501/825-12 new)
| 25 |
| Sec. 825-12. Conservation projects. |
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| (a) The Authority may develop a program to provide | 2 |
| low-interest loans and other financing to individuals, | 3 |
| business entities, private organizations, and units of local | 4 |
| government for conservation projects in the State of Illinois. | 5 |
| (b) Projects under this Section may include, without | 6 |
| limitation, the acquisition of land for open-space projects, | 7 |
| preservation or recreation measures for open spaces, and energy | 8 |
| conservation or efficiency projects that are intended to reduce | 9 |
| energy usage and costs. | 10 |
| (c) The Authority, in cooperation with the Department of | 11 |
| Natural Resources and the Department of Commerce and Economic | 12 |
| Opportunity, may adopt any rules necessary for the | 13 |
| administration of this Section. The Authority must include any | 14 |
| information concerning the program under this Section on its | 15 |
| Internet website.
| 16 |
| (20 ILCS 3501/830-50)
| 17 |
| Sec. 830-50. Specialized Livestock Guarantee Program.
| 18 |
| (a) The Authority is authorized to issue State Guarantees | 19 |
| to lenders for
loans
to finance or refinance debts for | 20 |
| specialized livestock operations that are or
will be located in | 21 |
| Illinois. For purposes of this
Section, a "specialized
| 22 |
| livestock operation" includes, but is not limited to, dairy, | 23 |
| beef, and swine
enterprises. For purposes of this Section, a | 24 |
| specialized livestock operation also includes livestock | 25 |
| operations using anaerobic digestors to generate electricity.
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LRB095 10742 RCE 30984 b |
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| (b) Lenders shall apply for the State Guarantees on forms | 2 |
| provided by the
Authority and certify that the application and | 3 |
| any other documents submitted
are true and correct. The lender | 4 |
| or borrower, or both in combination, shall pay
an | 5 |
| administrative fee as determined by the Authority. The | 6 |
| applicant shall be
responsible for paying any fee or charge | 7 |
| involved in recording mortgages,
releases, financing | 8 |
| statements, insurance for secondary market issues, and any
| 9 |
| other similar fee or charge that the Authority may require. The | 10 |
| application
shall, at a minimum, contain the farmer's name, | 11 |
| address, present credit and
financial information, including | 12 |
| cash flow statements, financial statements,
balance sheets, | 13 |
| and any other information pertinent to the application, and the
| 14 |
| collateral to be used to secure the State Guarantee. In | 15 |
| addition, the borrower
must certify to the Authority that, at | 16 |
| the time the State Guarantee is
provided,
the borrower will not | 17 |
| be delinquent in the repayment of any debt. The lender
must | 18 |
| agree to charge a fixed or adjustable interest rate that the | 19 |
| Authority
determines to be below the market rate of interest | 20 |
| generally available to the
borrower. If both the lender and | 21 |
| applicant agree, the interest rate on the
State guaranteed loan | 22 |
| can be converted to a fixed interest rate at any time
during | 23 |
| the term of the loan.
| 24 |
| (c) State Guarantees provided under this
Section (i) shall | 25 |
| not exceed
$1,000,000 per applicant, (ii) shall be no longer | 26 |
| than 15 years in duration,
and
(iii) shall be subject to an |
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LRB095 10742 RCE 30984 b |
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| annual review and renewal by the lender and the
Authority. An | 2 |
| applicant may use this program more than once, provided that | 3 |
| the
aggregate principal amount of State Guarantees under this
| 4 |
| Section to that
applicant does not exceed $1,000,000. A State | 5 |
| Guarantee shall not be revoked by
the Authority without a | 6 |
| 90-day notice, in writing, to all parties.
| 7 |
| (d) The Authority shall provide or renew a State Guarantee | 8 |
| to a lender if:
(i) The lender pays a fee equal to 25 basis | 9 |
| points on the loan to the Authority
on
an annual basis. (ii) | 10 |
| The application provides collateral acceptable to the
| 11 |
| Authority that is at least equal to the State Guarantee. (iii) | 12 |
| The lender
assumes all responsibility and costs for pursuing | 13 |
| legal action on collecting
any
loan that is delinquent or in | 14 |
| default. (iv) The lender is at risk for the first
15% of the | 15 |
| outstanding principal of the note for which the State Guarantee | 16 |
| is
provided.
| 17 |
| (e) The Illinois Farmer and Agribusiness Loan Guarantee | 18 |
| Fund may be used to
secure State Guarantees issued under this
| 19 |
| Section as provided in
Section 830-35.
| 20 |
| (f) Notwithstanding the provisions of this
Section 830-50 | 21 |
| with respect to the
specialized livestock operations and | 22 |
| lenders who may obtain State Guarantees,
the Authority may | 23 |
| promulgate rules establishing the eligibility of specialized
| 24 |
| livestock operations and lenders to participate in the State | 25 |
| Guarantee program
and the terms, standards, and procedures that | 26 |
| will apply, when the Authority
finds that emergency conditions |
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LRB095 10742 RCE 30984 b |
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| 1 |
| in Illinois agriculture have created the need
for State | 2 |
| Guarantees pursuant to terms, standards, and procedures other | 3 |
| than
those specified in this Section.
| 4 |
| (Source: P.A. 93-205, eff. 1-1-04.)
| 5 |
| (20 ILCS 3501/845-5)
| 6 |
| Sec. 845-5. The Authority may not have outstanding at any | 7 |
| one time bonds
for any of its corporate purposes in an | 8 |
| aggregate principal amount exceeding $26,650,000,000
| 9 |
| $25,200,000,000 , excluding bonds issued to refund the bonds of | 10 |
| the Authority or
bonds of the Predecessor Authorities.
| 11 |
| (Source: P.A. 93-205, eff. 1-1-04; 93-1101, eff. 3-31-05; | 12 |
| 94-1068, eff. 8-1-06.)
| 13 |
| Section 99. Effective date. This Act takes effect upon | 14 |
| becoming law.
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|